Last week offered a very good snapshot of the state of things in the wake of mortgage crisis. On the one hand, there was news of a woefully inadequate $8.5 billion settlement as "remedy" for irresponsible (and worse) behavior by mortgage servicers. On the other, the Consumer Financial Protection Bureau announced regulations that might help stop such abuses from happening again.

The two news items underscore the marked difference between a government agency that stands down and one that stands up.